Models
MINDTECK (INDIA) LIMITEDMINDTECKIT - Software
₹125per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹125implied FY26 P/E 12.8× · EV/EBITDA 9.8×
Against CMP ₹159.00−21.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3169%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹103₹168
52-week rangetraded range, a fact not a value
₹145₹308
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 105 |
| PV of terminal value | 232 |
| Enterprise value | 337 |
| less net debt | 62 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 399 |
| ÷ 3.20 crore shares | ₹125 |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 128 | 135 | 144 | 155 | 168 |
| 10.50% | 120 | 126 | 134 | 142 | 153 |
| 11.00% | 114 | 119 | 125 | 132 | 140 |
| 11.50% | 108 | 113 | 117 | 123 | 130 |
| 12.00% | 103 | 107 | 111 | 116 | 122 |
The outlined cell is your model. Green figures sit above the CMP of ₹159.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 110 · 125 · 142 |
| Draws below the CMP | 99% |
| Rank correlation with discount rate | −0.75 |
| Rank correlation with ebitda margin | +0.64 |
| Rank correlation with revenue growth | −0.03 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 337 | 386 | 424 | 407 | 391 | 375 | 360 | 346 | 332 |
| growth % | 12.7 | 14.5 | 10.1 | (4.0) | (4.0) | (4.0) | (4.0) | (4.0) | (4.0) |
| EBITDA | 27 | 32 | 34 | 35 | 33 | 32 | 31 | 29 | 28 |
| margin % | 8.0 | 8.4 | 7.9 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 |
| less depreciation | (5) | (4) | (5) | (5) | (4) | (4) | (4) | (4) | (4) |
| EBIT | 23 | 28 | 29 | 30 | 29 | 28 | 27 | 26 | 25 |
| less tax on EBIT | (6) | (6) | (5) | (5) | (5) | (5) | |||
| NOPAT | 24 | 23 | 22 | 22 | 21 | 20 | |||
| add depreciation | 5 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | 4 |
| less capex | (1) | (1) | (1) | (1) | (0) | (2) | (3) | (4) | (4) |
| less working-capital build | — | 4 | 4 | 3 | 3 | 3 | |||
| Free cash flow to firm | 11 | 21 | 23 | — | 31 | 29 | 26 | 24 | 22 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 29 | 25 | 20 | 17 | 14 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 9.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 30 | 29 | 28 | 27 | 26 | 25 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 29 | 28 | 27 | 26 | 25 | |
| Profit after tax | 32 | 23 | 22 | 22 | 21 | 20 |
| Dividends | (3) | (2) | (2) | (2) | (2) | (2) |
| Balance sheet, year end | ||||||
| Cash | 62 | 90 | 117 | 141 | 163 | 184 |
| Working capital | 93 | 90 | 86 | 83 | 79 | 76 |
| Net block and other assets | 215 | 211 | 208 | 207 | 207 | 207 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 304 | 325 | 345 | 364 | 383 | 401 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 31 | 30 | 29 | 28 | 27 | |
| Investing (capex) | (0) | (2) | (3) | (4) | (4) | |
| Financing (dividends) | (2) | (2) | (2) | (2) | (2) | |
| Net change in cash | 29 | 26 | 24 | 22 | 20 | |
| Free cash flow to equity | 31 | 29 | 26 | 24 | 22 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | -4% | 8.5% | 11.00% | 5% | ₹125 | (21.5)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.